XEMBTC closes below its opening price unable to hold early session gains


XEM/Bitcoin Index (XEMBTC) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team

Highlights

XEMBTC falls to lowest close since September 17th
XEMBTC closes below its opening price unable to hold early session gains
XEMBTC finds buyers again around 0.00000976
XEMBTC closes within previous day's range after lackluster session

Overview

XEMBTC ended Sunday at 0.00000979 losing BTC0.00000015 (-1.51%) on low volume. Today's close at 0.00000979 marks the lowest recorded closing price since September 17th. Trading BTC0.00000013 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (XEMBTC as at Oct 18, 2020):

Daily technical analysis candlestick chart for XEM/Bitcoin Index (XEMBTC) as at Oct 18, 2020

Sunday's trading range has been BTC0.00000031 (3.12%), that's below the last trading month's daily average range of BTC0.00000045. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for XEMBTC.

Two candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern and the Tweezer Bottom which are both known as bullish patterns. The last time a Tweezer Bottom showed up on July 18th, XEMBTC actually lost -4.80% on the following trading day.

After having been unable to move lower than 0.00000976 in the prior session, XEM/BTC found buyers again around the same price level today at 0.00000976.

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Buying might speed up should prices move above the nearby swing high at 0.00001021 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 0.00000954 where further sell stops could get activated. Further selling might move prices lower should the market test September's nearby low at 0.00000898.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Bottom Pattern" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for XEM/BTC. Out of 100 times, XEMBTC closed lower 55.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 59.00% with an average market move of -0.26%.

With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more


Market Conditions for XEMBTC as at Oct 18, 2020

Loading Market Conditions for XEMBTC (XEM/Bitcoin Index)...
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